Stonebridge Bank has a new 21-month CD special with a 2.30% APY. There's also a special 14-month CD with a 1.80% APY. Minimum deposit is $500. These are also available in an IRA. These rates are listed in the bank's Certificate of Deposit Page as of 2/08/2010.
There's an online application, and according to this FAQ page, people from any state can apply. Some of the important CD details listed in the FAQ pages and in the disclosure include:
- Interest will be compounded every day. Interest will be credited to your account every month
- Early withdrawal penalty is 90 days of interest for terms under 12 months, 180 days for terms from 12 to 36 months.
- 10 calendar grace period at maturity
- CD can be funded by check or wire transfer (can't be done by ACH)
- Incoming wire transfers are free. Outbound domestic wire transfers cost $20
I also received a few additional details from the CSR when I called their toll free number (800-807-1666) in 2008:
- The CD rate locks only when they receive the funds
- They require written instructions if you want to close the CD at maturity
- At maturity, they can mail you a check or they can wire transfer the funds ($20 fee)
Stonebridge Bank also has some decent money market and checking accounts. The Premier Money Market Account has a 1.25% APY on all balances as of 2/08/2010. Minimum balance of $1,000 is required to avoid a $10 monthly fee.
Stonebridge Bank's financial ratings for safety and soundness have gone down a bit since my last post in September. Their current ratings are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/09 financial data.
Stonebridge Bank is based in Pennsylvania with branches in Blue Bell, Warminster, Exton and West Chester. The bank has been a FDIC member since 1999 (FDIC Certificate # 35077).